Faurecia

Location:

Regional

Project number:

44190

Business sector:

Manufacturing and Services

Notice type:

Private

Environmental category:

B

Approval date:

29 May 2013

Status:

Completed

PSD disclosed:

26 Apr 2013

Project Description

The EBRD is providing a senior loan of EUR 122.5 million to the automotive component supplier Faurecia S.A.

The Loan will enable Faurecia to develop its research and development and production activities in four of the Bank’s countries of operations, namely Morocco, the Russian Federation, Poland and Romania.

Transition Impact

The transition impact potential is considered to derive from: (i) skills transfers through enhanced training of local employees in sets of skills that are transferable; and (ii) further expanding the backward linkages to local suppliers to improve their quality standards.

The Client

Faurecia is the world’s 6th largest automotive component supplier. Specializing in automotive seating, emissions control technologies, interior systems & automotive exteriors, the company is listed on the NYSE Euronext Paris stock exchange.

EBRD Finance

A senior loan of up to EUR 122.5 million to be made available by the Bank in cooperation with a syndicate of commercial banks.

Project Cost

Up to EUR 122.5 million.

Environmental Impact

The Project has been Categorised B in accordance with the EBRD’s Environmental and Social Policy and due diligence has confirmed that E&S impact are limited in nature, readily identifiable and managed through appropriate mitigation measures.

Due diligence was undertaken by EBRD E&S specialists and included a review of company disclosures, management interviews and corporate due diligence undertaken at the Company’s HQ in Paris.

Well established procedures and systems are in place at the company to manage an extensive suite of E&S issues. Due diligence therefore concluded that the E&S management systems the company has in place are commensurate with industry best practise and meet the EBRD requirements.

Responsibility for E&S performance of the company is taken at Board level and a good bottom up assurance and tracking system is in place. The company discloses information on E&S performance as part of the company’s annual reporting procedure.

A combination of the above results in a very good E&S track record of E&S performance and the company’s insistence on consistency in operating procedures across the various jurisdictions mitigates variability in local regulation and enforcement thereof.

No significant corrective actions are required for the company to address through an environmental and social action plan to meet EBRD’s performance requirements. The operating performance of the company will be monitored by the bank on an on-going basis.

Technical Cooperation

None.

Company Contact

Mr. Baudouin Courau, VP Financing & Treasury
E-mail: baudouin.courau@faurecia.com

 

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.